| Capital and Accumulated Other Comprehensive Income (Loss) |
Note J — Capital
and Accumulated Other Comprehensive Income (Loss)
Common Stock outstanding is
net of shares held in treasury which are, in substance, retired.
There were 4,241,351 treasury shares at June 2013, 2,530,401 at
December 2012 and 2,474,996 at June 2012. The excess of the cost of
treasury shares acquired over the $1 per share stated value of
Common Stock is deducted from retained earnings. In addition,
183,416 shares of Common Stock at June 2013, 187,456 shares at
December 2012 and 234,301 shares at June 2012 were held in
connection with deferred compensation plans. These shares, having a
cost of $8.7 million, $8.8 million and $11.2 million at the
respective dates, are treated as treasury shares for financial
reporting purposes.
The deferred components of
other comprehensive income (loss) are reported in accumulated other
comprehensive income (loss) in stockholders’ equity, net of
related income taxes, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| In thousands |
|
June
2013 |
|
|
December
2012 |
|
|
June
2012 |
|
|
Foreign currency
translation
|
|
$ |
(42,716 |
) |
|
$ |
(4,068 |
) |
|
$ |
(81,253 |
) |
|
Defined benefit pension
plans
|
|
|
(394,785 |
) |
|
|
(420,538 |
) |
|
|
(334,084 |
) |
|
Derivative financial
instruments
|
|
|
(3,170 |
) |
|
|
(29,430 |
) |
|
|
(777 |
) |
|
Marketable
securities
|
|
|
(200 |
) |
|
|
141 |
|
|
|
(272 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
$ |
(440,871 |
) |
|
$ |
(453,895 |
) |
|
$ |
(416,386 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The changes in accumulated
other comprehensive income (loss) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June
2013 |
|
| In thousands |
|
Foreign
Currency
Translation (a) |
|
|
Defined
Benefit
Pension Plans |
|
|
Derivative
Financial
Instruments |
|
|
Marketable
Securities |
|
|
Total |
|
|
Balance, March
2013
|
|
$ |
(17,866 |
) |
|
$ |
(407,679 |
) |
|
$ |
1,924 |
|
|
$ |
486 |
|
|
$ |
(423,135 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss) before reclassifications
|
|
|
(24,850 |
) |
|
|
— |
|
|
|
(1,878 |
) |
|
|
(686 |
) |
|
|
(27,414 |
) |
|
Amounts reclassified from
accumulated other comprehensive income (loss)
|
|
|
— |
|
|
|
12,894 |
|
|
|
(3,216 |
) |
|
|
— |
|
|
|
9,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other comprehensive
income (loss)
|
|
|
(24,850 |
) |
|
|
12,894 |
|
|
|
(5,094 |
) |
|
|
(686 |
) |
|
|
(17,736 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June
2013
|
|
$ |
(42,716 |
) |
|
$ |
(394,785 |
) |
|
$ |
(3,170 |
) |
|
$ |
(200 |
) |
|
$ |
(440,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended June
2013 |
|
| In thousands |
|
Foreign
Currency
Translation |
|
|
Defined
Benefit
Pension Plans |
|
|
Derivative
Financial
Instruments |
|
|
Marketable
Securities |
|
|
Total |
|
|
Balance, December
2012
|
|
$ |
(4,068 |
) |
|
$ |
(420,538 |
) |
|
$ |
(29,430 |
) |
|
$ |
141 |
|
|
$ |
(453,895 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss) before reclassifications
|
|
|
(38,648 |
) |
|
|
— |
|
|
|
31,806 |
|
|
|
(341 |
) |
|
|
(7,183 |
) |
|
Amounts reclassified from
accumulated other comprehensive income (loss)
|
|
|
— |
|
|
|
25,753 |
|
|
|
(5,546 |
) |
|
|
— |
|
|
|
20,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other comprehensive
income (loss)
|
|
|
(38,648 |
) |
|
|
25,753 |
|
|
|
26,260 |
|
|
|
(341 |
) |
|
|
13,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June
2013
|
|
$ |
(42,716 |
) |
|
$ |
(394,785 |
) |
|
$ |
(3,170 |
) |
|
$ |
(200 |
) |
|
$ |
(440,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassifications out of
accumulated other comprehensive income (loss) are as
follows:
|
|
|
|
|
|
|
|
|
|
|
| In thousands |
|
|
|
Amount Reclassified From Accumulated |
|
|
Details
About Accumulated Other
Comprehensive Income (Loss) Components
|
|
Affected Line Item in
the
Consolidated Statements
of Income (Loss)
|
|
Other Comprehensive Income (Loss) |
|
| |
|
Three
Months
Ended June 2013
|
|
|
Six
Months
Ended
June 2013
|
|
|
Gains and losses on
derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
contracts
|
|
Net sales |
|
$ |
1,378 |
|
|
$ |
1,223 |
|
|
Foreign exchange
contracts
|
|
Cost of goods sold |
|
|
3,683 |
|
|
|
7,541 |
|
|
Foreign exchange
contracts
|
|
Other income (expense), net |
|
|
1,209 |
|
|
|
2,301 |
|
|
Interest rate
contracts
|
|
Interest expense |
|
|
(972 |
) |
|
|
(1,929 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax |
|
|
5,298 |
|
|
|
9,136 |
|
|
|
Tax benefit
(expense) |
|
|
(2,082 |
) |
|
|
(3,590 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
$ |
3,216 |
|
|
$ |
5,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of defined
benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred actuarial
losses
|
|
(b) |
|
$ |
(21,326 |
) |
|
$ |
(42,688 |
) |
|
Deferred prior service
cost
|
|
(b) |
|
|
(316 |
) |
|
|
(657 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax |
|
|
(21,642 |
) |
|
|
(43,345 |
) |
|
|
Tax benefit
(expense) |
|
|
8,748 |
|
|
|
17,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
|
(12,894 |
) |
|
|
(25,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for
the period
|
|
Net of tax |
|
$ |
(9,678 |
) |
|
$ |
(20,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Other comprehensive income (loss) for the three months ended
June 2013 includes a loss of $21.8 million related to the first
quarter of 2013. This out-of-period adjustment did not have a
material impact on the current or previous reported
quarter.
|
| (b) |
These accumulated other comprehensive income (loss) components
are included in the computation of net periodic pension cost (see
Note H for additional details).
|
|